SILQ, the parent company of ShopUp, has successfully raised $100 million in funding for its financial services arm, Fina, with the aim of enhancing access to funding options for Saudi Arabian merchants. The investment was secured from Fasanara Capital, Gemcorp Capital, and Amwal Capital Partners, as announced in a recent press release.
Fina, an embedded finance platform, integrates various financial services like loans and working capital directly into non-financial digital operations such as e-commerce and supply chain software. By deploying these resources in the Saudi market, Fina seeks to broaden merchants’ access to working capital by seamlessly integrating financing solutions into their digital workflows for purchasing, selling, and managing business operations.
SILQ was established in 2025 following the merger of ShopUp and Saudi Arabian company Sary. Mohammed Aldossary, the co-founder and CEO of SILQ Financial Services, emphasized that Fina was developed in response to the capital needs of merchants who require financial solutions tailored to their operational requirements.
In addition to its financial services initiatives, ShopUp has contributed to the growth of regional trade by expanding Bangladesh’s food exports. Notably, the company has shipped 470 tonnes of rice to Saudi Arabia and the UK, as well as various vegetables and fruits to Gulf markets. Founded in Dhaka in 2017, ShopUp has emerged as a prominent B2B commerce platform that offers small merchants access to wholesale sourcing through Mokam, nationwide logistics via REDX, and embedded digital financing tools.